Travere Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Travere Therapeutics (NASDAQ: TVTX) announced on April 10, 2022, that its Compensation Committee granted 13 new employees inducement equity grants. These grants consist of 51,750 restricted stock units (RSUs), which are tied to the company’s 2018 Equity Incentive Plan. The RSUs will vest over four years, with 25% vesting each year, contingent on the employees maintaining their service relationship with the company. This initiative aims to attract talent crucial for advancing Travere's mission in rare disease therapies.

Positive

• Inducement grants to 13 new employees totaling 51,750 RSUs can enhance talent acquisition.
• The RSUs' four-year vesting schedule encourages employee retention and aligns interests with the company's growth.

Negative

• None.

SAN DIEGO, April 12, 2022 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) today announced that on April 10, 2022, the Compensation Committee of its Board of Directors granted inducement equity grants to 13 new employees, consisting of inducement restricted stock units, or RSUs, covering an aggregate of 51,750 shares of its common stock. These inducement RSUs are subject to the terms of Travere’s 2018 Equity Incentive Plan (“2018 Plan”), but were granted outside of the 2018 Plan and were granted as inducements material to the new employees entering into employment with Travere in accordance with Nasdaq Listing Rule 5635(c)(4).

The RSUs vest over four years, with 25% of the shares vesting on each anniversary of the grant date, subject to the new employee’s continued service relationship with Travere through the applicable vesting dates.

About Travere Therapeutics

At Travere Therapeutics, we are in rare for life. We are a biopharmaceutical company that comes together every day to help patients, families and caregivers of all backgrounds as they navigate life with a rare disease. On this path, we know the need for treatment options is urgent – that is why our global team works with the rare disease community to identify, develop and deliver life-changing therapies. In pursuit of this mission, we continuously seek to understand the diverse perspectives of rare patients and to courageously forge new paths to make a difference in their lives and provide hope – today and tomorrow. For more information, visit travere.com.

Contact:
Chris Cline, CFA
Senior Vice President, Investor Relations & Corporate Communications
888-969-7879
IR@travere.com

FAQ

What is the amount of RSUs granted by Travere on April 10, 2022?

Travere granted a total of 51,750 restricted stock units (RSUs) to 13 new employees.

How long is the vesting period for the RSUs granted by Travere?

The RSUs vest over four years, with 25% vesting annually.

What is the purpose of the RSUs granted by Travere?

The RSUs are inducement grants aimed at attracting new employees to the company.

Under which plan were the RSUs granted by Travere?

The RSUs were granted outside of the 2018 Equity Incentive Plan as per Nasdaq Listing Rule 5635(c)(4).

Which company announced equity grants for new employees?

Travere Therapeutics announced the equity grants.